Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1) the cheques that have been paid by the bank on

1) The cheques that have been paid by the bank on behalf of the depositor...

60.1K

Verified Solution

Question

Accounting

1) The cheques that have been paid by the bank on behalf of the depositor and included with the bank statement are called: A.NSF cheques B.outstanding cheques C.cancelled cheques D.cheques in transit

2)Salary Expense on the income statement was $264,780 for the year ended December 31, 2017. The Salary Payable account decreased $24,370 during the same period. The amount of cash payments to employees for the year ended December 31, 2017, is:

A. $289,150

B. $240,410

C. $264,780

D.indeterminable from the information given

3) Under the allowance method for uncollectible receivables, the entry to record bad debt expense has what effect on the financial statements?

A.Decreases owners' equity and increases liabilities.

B.Decreases assets and has no effect on net income.

C.Decreases net income and decreases assets.

D.Increases expenses and increases owners' equity. 4)Cash collected from customers can be computed by the following formula:

A.ending accounts receivable plus beginning accounts receivable minus sales

B.beginning accounts receivable minus ending accounts receivable minus sales

C.beginning accounts receivable minus ending accounts receivable plus sales

D.ending accounts receivable minus beginning accounts receivable plus sales

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students